Having a VA loan makes it easier to save money when refinancing through the VA streamline refinance, also known as the IRRRL.

1. VA Loans:
Streamline Refinance
Also Known as the Interest Rate
Reduction Refinance Loan (IRRRL)
By VeteranHomeFinancing.com

2. What is a VA Streamline Refinance (IRRRL)?
The VA Streamline Refinance is available for those who
already have a VA loan (VA to VA loan). It is used to
refinance to a lower mortgage rate, shorter term loan or
from an adjustable rate to a fixed rate.

3. What are the requirements for the IRRRL?
- The current loan must be a VA loan.
- There cannot be more than one 30 day late payment on
the current loan within the past year.
- The borrower cannot receive any cash-out through
refinancing the original loan.

4. MORE
- The borrower must certify that they previously occupied
the property at one time.
- The monthly mortgage payment must be lower than the
current mortgage payment unless the borrower is
refinancing from an adjustable rate loan to a fixed rate loan.
- If there is a second mortgage, the lien holder must
subordinate so that the VA loan is in first place.

5. What are the benefits of a VA
Streamline Refinance?
- The IRRRL requires very little paperwork and
documentation than traditional refinances.
- The borrower can refinance with no out of pocket
expenses because the closing costs can be added to the loan
amount.
- A new Certificate of Eligibility is not necessary.

6. MORE
- Borrowers can use any lender since it is not mandatory to
use the original lender.
- There is minimal credit underwriting.
- Income verification is usually not required.
- The IRRRL does not require an appraisal (depending on
the lender and other factors).

7. MORE
- The IRRRL can be used for investment property since the
borrower must only certify that they have previously lived
in the home.
- Borrowers may be able to finance up to $6,000 of energy
efficient home improvements with an IRRRL.
- The entire process is easy and quicker than other loans.

8. Conclusion
The VA Streamline Refinance is a simple means to save
money for those who already know and enjoy the benefits of
VA loans.
To find out more about the IRRRL, please contact Brian
Thomas at (888) 913-5531 or email at:
contact@veteranhomefinancing.com